Week #3: Free Up Cash
Need more cash-flow to get a handle on your finances?
In my last post, I shared a few strategies for “de-cluttering”
your credit card statement – cancelling unused services and
returning leased equipment, for instance.
But economizing will only get you so far. Some people
simply need to bring in more cash. If you’re self-employed,
this is easy: either take on more work, or negotiate higher
rates for your products and services by educating the client
or customer on the higher value of what you have to offer.
If you work for a company, there are still ways you can free
up more cash to get your financial house in order (without
impacting your retirement investments). Here are a few:
• Become a weekend entrepreneur. For a few months or
several times a year, take on projects (or a second job) that
pay hefty sums like seasonal tax preparation, organizing and
clean-up, ghostwriting a book, or helping a caterer with
premium events.
• Ask the payroll department at your workplace to redirect
part of your paycheck to a new savings account you set up
(ask your bank for an account that’s free of fees). Decide on
the bare minimum you really need in your paycheck, then
redirect the remainder. Use that money to pay down small
debts.
• Add up your discretionary expenses (eating out, buying
home décor or clothes, ordering stuff on Amazon) and for
three months, stop all discretionary spending. Eat at home,
make do with the clothes you have, and forego those
projects that require online buying. At the end of the 90
days, you’ll likely have more in your bank account to use
toward paying off a bill or even eliminating a small debt.
• Start selling stuff on Craigslist, Facebook marketplace, or
gazelle.com (for older smartphones & devices). Decluttering
junk drawers, the garage, and the spare bedroom not only
makes your living space feel more tranquil, the extra money
will have a calming effect on your financial stress, too.
• Create a plan to pay off your credit cards within one year,
then call the card issuers you have now to ask for a 0%-forone-year rate. Consolidate your other balances onto a
single card and aggressively pay it off. This will save you
monthly interest, but you must be disciplined enough to
meet your goal in one year or less.
Of course, finding more cash to eliminate your immediate
financial headaches is only a part of the process of creating
balance in your financial life (and other areas of your life,
too). If you think working with a coach to keep you on track
and accountable for results is something that would get you
to a balanced life faster, I’m here to help.
Message me and we can jump on a call to chat about it. Or
go here to check out the 10-Week Oola Coaching Program I
deliver for clients who want more balance, less stress, and
more happiness in their lives.
Then stay tuned for my next post where we’ll take a look at
a simple technique for improving your finances in every
area. Don’t miss it.
